The Paypal Example

[Dusseldorf]

As I understand, Paypal must have underwent pressure from the US DoJ, possibly similar to what Neteller is undergoing. However I am not too familiar with the details of the Paypal case. It appears that they were simply asked to pay some restitution for their profits from the illegal aspect of their business, and then allowed to resume legitimate operations.

Would it be reasonable to say that since Paypal returned to operation after agreeing to abide by the law, we can expect Neteller to at least be able to resolve their debts with US account holders?

Additionally, can those of us with an obvious gambling history indicated by our Neteller records feel as safe from prosecution as we did, say, six months ago?

[Dennisa]

[ QUOTE ]
As I understand, Paypal must have underwent pressure from the US DoJ, possibly similar to what Neteller is undergoing. However I am not too familiar with the details of the Paypal case. It appears that they were simply asked to pay some restitution for their profits from the illegal aspect of their business, and then allowed to resume legitimate operations.

Would it be reasonable to say that since Paypal returned to operation after agreeing to abide by the law, we can expect Neteller to at least be able to resolve their debts with US account holders?

Additionally, can those of us with an obvious gambling history indicated by our Neteller records feel as safe from prosecution as we did, say, six months ago?

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IIRC, Ebay was in the process of purchasing Paypal from the original principals. A requirement of approval of the purchase was Ebay had to agree to not process gambling transactions for US customers. At the time gambling transactions accounted for less than 10% of paypal's overall volume.

[Skallagrim]

"Additionally, can those of us with an obvious gambling history indicated by our Neteller records feel as safe from prosecution as we did, say, six months ago?"

The answer to this question is clearly yes. Unless you live in a state that clearly makes PLAYING poker online illegal, you have nothing to worry about personally. If you do live in one of those states, you STILL have something to worry about.

[bobbyi]

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Would it be reasonable to say that since Paypal returned to operation after agreeing to abide by the law, we can expect Neteller to at least be able to resolve their debts with US account holders?

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Netellr isn't on trial here. The guys who were arrested no longer work there and are just shareholders. So can this really end with Neteller agreeing to do anything?

[*TT*]

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IIRC, Ebay was in the process of purchasing Paypal from the original principals. A requirement of approval of the purchase was Ebay had to agree to not process gambling transactions for US customers. At the time gambling transactions accounted for less than 10% of paypal's overall volume.

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Additionally PayPal had to open it's books to the IRS, who started conducting audits of high volume transactions.

And yes, this is precisely what I think is happening to Neteller right now.

TT /images/graemlins/club.gif

[Fishhead24]

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IIRC, Ebay was in the process of purchasing Paypal from the original principals. A requirement of approval of the purchase was Ebay had to agree to not process gambling transactions for US customers. At the time gambling transactions accounted for less than 10% of paypal's overall volume.

[/ QUOTE ]

Additionally PayPal had to open it's books to the IRS, who started conducting audits of high volume transactions.

And yes, this is precisely what I think is happening to Neteller right now.

TT /images/graemlins/club.gif

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You do?

[Uglyowl]

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And yes, this is precisely what I think is happening to Neteller right now.

TT

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You think we are already there? I think it is a giant leap to take from arresting the founders to the IRS in Neteller headquarters in a short few weeks.

[SplawnDarts]

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And yes, this is precisely what I think is happening to Neteller right now.

TT

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You think we are already there? I think it is a giant leap to take from arresting the founders to the IRS in Neteller headquarters in a short few weeks.

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I thin the IRS investigators were probably there the instant the first warrants were served.

Time to face the facts - Neteller broke the law in a big way. They're done, the money's already gone and will likely eventually be RICO seized, and you still have to pay taxes on it. The founders will likely face significant jail time. The only question is how much money ends up in the DOJ budget and how much in the general fund via the IRS.

[Uglyowl]

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I thin the IRS investigators were probably there the instant the first warrants were served.

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Very wrong, Americans were still using their ATM cards and up until a few days ago still transferring money peer to peer.

These facts do not jive with your theory.

[2easy]

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Time to face the facts - Neteller broke the law in a big way. They're done, the money's already gone... The only question is how much money ends up in the DOJ budget and how much in the general fund via the IRS.

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thanks for sorting out the facts for us.